30,893,517 Shares in Synchrony Financial $SYF Acquired by BlackRock Inc.

BlackRock Inc. bought a new position in Synchrony Financial (NYSE:SYF - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 30,893,517 shares of the financial services provider's stock, valued at approximately $2,349,452,000. BlackRock Inc. owned 9.49% of Synchrony Financial at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SYF. State Street Corp boosted its stake in shares of Synchrony Financial by 1.0% in the 3rd quarter. State Street Corp now owns 19,080,903 shares of the financial services provider's stock worth $1,355,698,000 after buying an additional 191,920 shares during the last quarter. Bank of America Corp DE boosted its position in Synchrony Financial by 34.6% in the second quarter. Bank of America Corp DE now owns 13,595,381 shares of the financial services provider's stock worth $907,356,000 after purchasing an additional 3,494,741 shares during the last quarter. Morgan Stanley grew its stake in shares of Synchrony Financial by 7.6% during the 4th quarter. Morgan Stanley now owns 6,230,111 shares of the financial services provider's stock valued at $519,778,000 after purchasing an additional 442,226 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Synchrony Financial by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,039,753 shares of the financial services provider's stock valued at $410,760,000 after purchasing an additional 365,353 shares during the period. Finally, Invesco Ltd. increased its position in shares of Synchrony Financial by 10.4% during the 4th quarter. Invesco Ltd. now owns 5,490,921 shares of the financial services provider's stock valued at $458,108,000 after purchasing an additional 517,781 shares during the last quarter. 96.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SYF has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Synchrony Financial from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, July 13th. Truist Financial boosted their target price on shares of Synchrony Financial from $71.00 to $82.00 and gave the company a "hold" rating in a research report on Thursday, April 23rd. Wells Fargo & Company reduced their target price on shares of Synchrony Financial from $95.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. HSBC increased their price target on shares of Synchrony Financial from $93.00 to $97.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Synchrony Financial in a research note on Friday, July 17th. Twelve equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.89.

Synchrony Financial Stock Down 1.2%

SYF stock opened at $79.64 on Thursday. Synchrony Financial has a twelve month low of $63.08 and a twelve month high of $88.77. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.08. The stock has a market cap of $25.91 billion, a P/E ratio of 8.16, a PEG ratio of 0.74 and a beta of 1.32. The business's 50-day moving average price is $75.95 and its 200-day moving average price is $72.85.

Synchrony Financial (NYSE:SYF - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.45. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.72 billion. Synchrony Financial had a return on equity of 23.09% and a net margin of 15.44%.During the same period in the previous year, the company posted $2.50 EPS. Synchrony Financial has set its FY 2026 guidance at 9.250-9.500 EPS. On average, equities research analysts forecast that Synchrony Financial will post 9.37 EPS for the current year.

Synchrony Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Wednesday, August 5th were given a $0.34 dividend. The ex-dividend date was Wednesday, August 5th. This is an increase from Synchrony Financial's previous quarterly dividend of $0.30. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.7%. Synchrony Financial's dividend payout ratio (DPR) is currently 13.93%.

About Synchrony Financial

Synchrony Financial NYSE: SYF is a consumer financial services company that specializes in providing point-of-sale financing and private-label, co-branded and branded credit card programs. The company serves as a payments and lending partner to retailers, digital merchants and service providers, offering consumer financing solutions designed to drive customer engagement and sales. Synchrony also operates a direct bank that offers deposit products, including savings accounts and certificates of deposit, which support its funding and customer-facing product suite.

Its core product set includes private-label and co-branded credit cards, general-purpose credit cards, installment loan programs and promotional financing options that are integrated into merchants' checkout experiences.

Want to see what other hedge funds are holding SYF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synchrony Financial (NYSE:SYF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source